FG Proposes N47.9trn As 2025 Budget

  The federal government has proposed N47.9 trillion as the total expenditure in the 2025 budget. Atiku Bagudu, the minister of budget and economic planning, told journalists on Thursday after the Federal Executive Council (FEC) meeting presided over by President Bola Tinubu. The approval is part of the Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper for 2025-2027, in accordance with the Fiscal Responsibility Act of 2007. The framework, which is expected to be submitted to the National Assembly as required by law, either on Friday or Monday, projects a Gross Domestic Product (GDP) growth rate of 4.6%, an exchange rate of $75 to the Naira, and oil production of 2.06 million barrels per day. Details later….

EFCC Grants Bail To Yahaya Bello’s Co-Defendants In Alleged N110.4 Billion Fraud Case

  The Economic and Financial Crimes Commission (SAN) has granted administrative bail to two men – Umar Oricha and Abdulsalami Hudu – charged with former Kogi State Governor Yahaya Bello for allegedly diverting the state’s funds. The EFCC had filed a 16-count charge against Bello and the two other defendants, alleging criminal breach of trust to the tune of N110.4 billion. At the mention of the case yesterday before a High Court of the Federal Capital Territory (FCT) in Maitama, lawyer to the EFCC, Jamiu Agoro, said the order of the court, given on October 3 in issuing public summons against Bello, had not lapsed. Agoro confirmed that the EFCC had granted an administrative bail to Oricha and Hudu, the second and third defendants. He added: “In that wise, we feel it will not be appropriate for us to take proceedings while that 30 days is still running. “So, we have discussed and agreed to come back on November 27, 2024.” The EFCC’s lawyer said the November 20 date, earlier given by the court, was not convenient for the prosecution. He urged the court to grant an application to issue a hearing notice to be served on Bello, the first defendant who was absent in court, and for the notice to be pasted on his last known address. Oricha’s lawyer, Aliyu Saiki (SAN), confirmed that his client had been granted an administrative bail by the prosecution, saying he was not objecting to the application for an adjournment. Hudu’s lawyer, Z. E. Abass, also confirmed the bail grant to his client and agreed to the prosecution’s request for bail. Ruling, Justice Maryanne Anenih granted the request for an adjournment and ordered the issuance of hearing notice to be pasted on the last known address of the first defendant and on a conspicuous place in the court premises. Justice Anenih adjourned till November 27 for hearing the case when Bello is expected to be present in court.  

BREAKING: Super Eagles qualify for 2025 AFCON

  The Super Eagles have secured qualification for the 2025 Africa Cup of Nations with two matches remaining in the qualifiers. With 10 points in the bag, the Super Eagles are guaranteed a top-two finish, following a 1-0 victory for Libya over Rwanda in Kigali, Group D. Next up, the Super Eagles will face Benin Republic’s Cheetahs in Abidjan tonight before returning home to complete their qualifying campaign against Rwanda on Monday. Rwanda, with five points and Libya, now on four, cannot surpass Nigeria with just one matchday left for both teams. The three-time African champions were runners-up in the last edition held in Côte d’Ivoire. The 35th Africa Cup of Nations will take place in Morocco from December 21, 2025 to January 18, 2026.  

Budget 2025: Makinde Presents N678 Billion Proposal To Oyo Assembly

Adeleke Maria   The executive governor of Oyo state, Seyi Makinde, has presented a total sum of ₦678.06 billion (N678, 068 767 332.18) to the Oyo state House of Assembly for legislative consideration and approval for 2025 budget. While capital expenditure as contained in the budget takes 51 percent of the total budget, recurrent expenditure stands at 49 percent. Governor Makinde in his address before presentation on Wednesday, November 13, tagged the 2025 budget “Budget of Economic Stabilization”. According to the budget estimate, N343 billion was appropriated for capital expenditure, which represents 50.59 percent of the total budget, while N335 billion naira budgeted for recurrent expenditure represents 49.4 percent of the total budget. Makinde said N152 billion has been appropriated for the infrastructural development of the state, which he noted took the largest percentage of the budget with 22.4 percent. Also, education received N145 billion, which represents 21 percent of the total budget. Health got N59 billion, which represents 9 percent while agriculture got N18 billion, representing 3 percent of the budget. The governor added that the 2025 budget proposal represents 35 percent increase compared to the 2024. •Details Soon.

Report: FG Spent N19bn On Presidential Aircraft In 15 Months

At least N19.43bn was spent on the maintenance and operations of the Presidential Air Fleet from July 2023 to September 2024, The PUNCH learnt. Checks by our correspondent on GovSpend, a civic tech platform that tracks and analyses the Federal Government’s spending, showed that for 2024, the payouts amounted to N13.55bn, representing 66 per cent of the allocations for the fleet in the 2024 fiscal year. Most disbursements were labelled ‘Forex Transit Funds,’ typically funds allocated for foreign exchange requirements to facilitate international transactions and engagements. In the context of the Presidential Air Fleet, such funds are used to cover expenses related to operations outside the country, including fuel purchases, maintenance or services in foreign currencies. In November of that year, N1.26bn was released to the Presidential Air Fleet naira transit account. The first overhead for 2024 came in March, where N1.27bn were disbursed twice, amounting to N2.54bn. The transit account received N6.35bn in April, N4.97bn in May and N210m in July. August saw the highest frequency of transactions, with N5.60bn released in six separate disbursements. Although these transactions were not clearly labelled, the monies were paid into the Presidential Air Fleet naira transit account, including the N35m transfer made in September. In late April, the transit account received N5.08bn; this came around the same time the President was on a two-nation tour to the Netherlands and Saudi Arabia. Although Tinubu arrived in the Netherlands in a state-owned Gulfstream AeroSpace 550 Jet, the aircraft could not proceed to Saudi Arabia due to unspecified technical problems. He reportedly continued his journey on a chartered private plane. At the time, the President’s Boeing 737 business jet was undergoing maintenance. It was later replaced with an Airbus A330 purchased for $100m in August through service-wide votes. The nearly 15-year-old plane, an ACJ330-200, VP-CAC (MSN 1053), is “spacious and furnished with state-of-the-art avionics, customised interior and communications system,” Tinubu’s Special Adviser on Information and Strategy, Mr Bayo Onanuga, said, adding that it “will save Nigeria huge maintenance and fuel costs, running into millions of dollars yearly.” The new Airbus A330 is just one of several aircraft currently on the Presidential Air Fleet, arguably one of Africa’s largest, with around 11 aircraft of various makes and models. Until August, it comprised the 19-year-old B737-700 and a 13-year-old Gulfstream Aerospace G550. The BBJ was acquired during the tenure of former President Olusegun Obasanjo at $43m but became a money guzzler as it aged. Onanuga, defending the purchase of Airbus A330, argued that the new Airbus 330 aircraft and the costs of maintaining the air fleet were not for the president but in the interest of Nigerians. “It’s not President Tinubu’s plane; it belongs to the people of Nigeria, it is our property…the President did not buy a new jet; what he has is a refurbished jet – it has been used by somebody else before he got it, but it is a much newer model than the one President Buhari used. “The one President Buhari used was bought by President Obasanjo some 20 years ago. There was a time when the President went to Saudi Arabia, and the plane developed some problems. The President had to leave the Netherlands with a chartered jet. “Nigerians should try to prioritise the safety of the President. I’m not sure anybody wishes our president to go and crash in the air. We want his safety so that he can hand it over to whoever wants to take over from him,” Onanuga said. The presidential aide said he discussed with the National Security Adviser, Mr Nuhu Ribadu, on the faulty plane [Boeing 737 jet] and he said the maintenance costs were excessive because of the age of the aircraft, hence the need for another plane. The presidential fixed-wing fleet includes a Gulfstream G500, two Falcon 7Xs, a Hawker 4000, and a Challenger 605. Three of the seven fixed-wings are reportedly unserviceable. Meanwhile, the rotor-wing fleet includes two Agusta 139s and two Agusta 101s, all operated by the Nigerian Air Force but supervised by the Office of the National Security Adviser. Former President Buhari promised to reduce the number of aircraft in the PAF to the absolute necessary. In April 2023, three jets were put up for sale, but there were no specifics on which. However, efforts to sell one of the Dassault Falcon 7x and the Hawker 4000 in October 2016 stalled when a potential buyer reduced their initial offer from $24m to $11m. Since 2017, budgetary allocations for the fleet have shown a growing trend, with one exception in 2020. The allocation for the fleet increased from N4.37bn in 2017 to N20.52bn in 2024, showing a 370 per cent rise in running costs. In 2018, the fleet’s budget rose significantly by 66.13 per cent to N7.26bn, driven by a substantial increase in capital project allocations while maintaining similar levels for recurrent costs. This upward trajectory continued into 2019, slightly increasing the total allocation to N7.30bn. The exception came in 2020, when the budget dropped by nearly seven per cent to N6.79bn, primarily due to decreased overhead costs, a reflection of the global economic impacts of lockdowns and disruptions in operations. By 2021, however, the budget surged dramatically to N12.55bn—a record increase of 84.83 per cent from the previous year. In 2022, maintenance expenses for each aircraft ranged from $1.5m to $4.5m annually. The 2022, 2023 and 2024 appropriation acts earmarked N12.48bn, N13.07bn and N20.52bn respectively. On his way to the 2024 Commonwealth Heads of Government Summit in Samoa, a foreign object damaged the cockpit windscreen of Vice President Kashim Shettima’s GulfStream aircraft during a stopover at JFK Airport in New York. According to Lee Aerospace, manufacturers of the Gulfstream, jet windshields consist of thick multilayered structures of varying layers of glass and transparent acrylic built to withstand collision with a 2kg object. However, damage to the windshield must have affected its inner layers. While specific prices for replacement can vary based on supplier, labour rates and regional costs, estimates … Read more

IPMAN, Dangote Reach Agreement On Direct Petrol Supply Deal.

  The Independent Petroleum Marketers Association of Nigeria has secured an agreement with Dangote Refinery to lift products directly. IPMAN’s National President, Abubakar Garima, announced this at an ongoing press briefing on Monday in Abuja, following a meeting of the National Working Committee of the Association. He said the partnership would ensure a steady, affordable supply of PMS products nationwide. “After meeting with Aliko Dangote and his management team in Lagos, we are pleased to announce that Dangote Refinery has agreed to supply IPMAN with PMS, AGO, and DPK directly for distribution to our depots and retail outlets.” Garima urged IPMAN members to support Dangote Refinery, citing the benefits of backward integration and its positive impact on Nigeria’s foreign exchange market. “IPMAN members should rely on Dangote Refinery and Nigerian refineries for white products, creating more job opportunities and supporting President Bola Tinubu’s renewed hope agenda.” The latest development concludes several months of negotiations between both parties and is expected to increase efficiency, affordability, and economic growth. The Dangote Refinery, the largest in Africa and Europe, has already commenced the production of petrol, diesel, and aviation fuel, with plans to supply products to over 30,000 IPMAN members and 150,000 retail outlets nationwide. This move is expected to eliminate middlemen, reduce costs, and ensure a steady supply. More details soon…

Kwara Warns Workers: No November Salary Without Resident Registration

  Kwara State Government has urged public sector workers to register with the Kwara State Residents’ Registration Agency without delay. The state government noted that workers who fail to obtain a valid resident registration number will not receive their November salary or bonuses. This was stated in a release by the Commissioner for Finance, Dr Hauwa Nuru, and signed by the ministry’s Press Secretary, Babatunde Abdulrasheed, on Monday in Ilorin.65 Nuru reported that the registration process began in July. She noted that Bowser is legally mandated to gather data on all residents of the state and assign unique identities to each person to improve planning, resource management, service delivery, public safety, and more. “In line with the administration’s commitment to accountability and transparency in resource management, a directive has been issued mandating all state employees, including those across the 16 local government areas, to complete their registration. THE ROUNDTABLE: Again, NNPCL Hikes Petrol Price, Fixes N1,060/litre0:00 / 0:00 “From November, any worker who has not registered will not receive salary payments or bonuses,” she said. The commissioner added that the KWSRRA registration is an essential step towards creating a comprehensive and accurate database that allows Kwara to serve its residents more effectively. Ensuring that every state worker is registered strengthens our payroll system, enhances service delivery, and builds trust in our processes. “The integrity of our data affects all our financial and administrative systems. A complete database helps us make informed decisions, allocate resources efficiently, and ensure that every eligible worker is compensated fairly and accurately,” she added. She urged all state employees who have not yet registered to visit the nearest KWSRRA centre to complete their enrolment promptly. “By following this directive, the Kwara State Government is working to establish a more efficient and equitable system for both its workforce and residents,” she said.

NLC Announces Nationwide Strike Over Unfulfilled Minimum Wage Implementation

  NLC, Nigeria Labour Congress has announced a statewide strike in states where the 2024 National Minimum Wage has yet to be implemented, effective December 1. According to a communique signed by NLC President, Joe Ajaero, the decision was reached during the Congress’s National Executive Council (NEC) meeting held in Port Harcourt on Friday. This action, according to Ajaero, is intended to push for immediate compliance with the minimum wage law, which many state governments have yet to enforce. In preparation for the strike, the NLC has announced the creation of a National Minimum Wage Implementation Committee tasked with educating workers on their rights under the new law and mobilizing support across affected states. The Congress also said that the strike action is not just about enforcing the law, but about ensuring that Nigerian workers can maintain a basic standard of living amid rising costs. The NLC called on all state councils to adhere to the December 1 deadline, vowing to intensify the strike in states that fail to meet the wage requirements. “The NEC notes with deep frustration the persistent delay and outright refusal by some state governments to implement the 2024 National Minimum Wage Act. This betrayal by certain governors and government officials across the country flies in the face of both legality and morality, as workers continue to be denied their rightful wages amidst rising economic hardship. It is a blatant disregard for the law and the lives of millions of Nigerian workers, who are being exploited by the very leaders sworn to protect them. “The NEC therefore resolves to set up a National Minimum Wage Implementation Committee that will among others commence a nationwide assessment, mobilization, and sensitization campaign, educating workers and citizens on the need to resist this assault on their dignity and rights. Furthermore, the NLC shall initiate a series of industrial actions in all non-compliant states and shall not relent until the minimum wage is fully implemented across Nigeria. To this end, all state Councils where the National Minimum Wage has not been fully implemented by the last day of November 2024 have been directed to proceed on strike beginning from the 1st day of December 2024. Nigerian workers demand justice, and justice they shall have,” it declared. The strike is expected to affect public sector operations in several states, as the NLC has promised to remain unrelenting in its efforts to secure fair pay for all Nigerian workers.

TCN Reports Another Vandalism On Lokoja-Gwagwalada 330kV Transmission Line

  The Transmission Company of Nigeria (TCN) yesterday said vandals again destroyed 330kV Lokoja – Gwagwalada transmission line 1,in the early hours of Saturday 9th November 2024. Its Public Affairs, General Manager, Ndidi Mbah broke the news in statement on Saturday, said: “The Transmission Company of Nigeria hereby reports that vandals have again attacked its 330kV Lokoja – Gwagwalada transmission line 1, in the early hours of Saturday 9th November 2024.” The spokesperson said early on Saturday, TCN engineers attempted to re-energise the 330kV Lokoja–Gwagwalada transmission line 1, but the line tripped. According to the statement, after efforts to reclose the line failed, a patrol team of TCN linesmen was dispatched to physically trace the line for faults. The company said upon inspection, they discovered that transmission towers T306, T307, and T308 along line 1 had been vandalized, disrupting bulk power transmission along the route. The statement reads in part: “Further examination revealed that the vandals had stolen two spans of aluminium conductor from line one. “The Lokoja–Gwagwalada line is a double-circuit transmission line, and while TCN is still supplying bulk power through line two, efforts are underway to source replacement aluminium conductors for the two spans stolen from line one. “The rising trend of vandalism targeting transmission lines and towers has become a significant challenge, severely impacting the country’s power infrastructure and hindering the expansion and stability of the national grid. ” This recent incident adds to an alarming pattern of attacks on the transmission network nationwide. In the Gwagwalada area alone, recent acts of vandalism include the attack on the Gwagwalada–Kukuwaba–Apo transmission line on 10th December 2023, the Gwagwalada–Katampe line on February 26, 2024, and several others on that axis. Such acts of vandalism continue to disrupt the stability and growth of Nigeria’s national grid. “We once again appeal to members of the public, especially residents of communities hosting transmission lines and towers, to collaborate with TCN and security operatives in combating this menace. “Vandalism of power installations is a disservice to us all and undermines efforts to strengthen the nation’s transmission system.”

Stop Seeking Greener Pastures Abroad, Tinubu Urges Graduates

  President Bola Tinubu has urged Nigerian graduates to utilize their knowledge and skills to uplift society and contribute to the country’s growth and development. Tinubu made this appeal during the 29th and 30th combined convocation ceremonies of the University of Uyo (UNIUYO), held at the university’s main campus along Nwaniba Road on Saturday. He advised graduates against hastily seeking opportunities abroad, calling on universities to pursue innovative research that advances national development. “Education is the cornerstone of national development,” he noted, “and it must be both responsive and transformative for progress to occur.” He continued, “The government has invested significantly in your education, equipping you to make meaningful contributions to society. As you step into the world, I urge you to be agents of positive change, using your skills to uplift our society and contribute to Nigeria’s growth and global development. Resist the urge to look for greener pastures elsewhere. Together, we can make our own pastures equally green, if not greener.” Representing President Tinubu, University of Port Harcourt (UNIPORT) Vice Chancellor, Professor Owunari Georgewill, lamented that much of Nigeria’s research ends up on shelves instead of driving impactful change. He acknowledged Nigeria’s current challenges but reassured the audience that the government is committed to addressing these issues and mitigating their impact, particularly on the most vulnerable. “I ask for the support and understanding of Nigerians toward the government’s economic reform programs, despite the challenges they bring,” he added. UNIUYO Vice Chancellor, Professor Nyaudo Ndaeyo, reflected on the achievements of his administration despite limited funding, security issues, and land encroachment challenges. He proudly noted that over 90% of academic programs have full accreditation, with efforts ongoing to secure 100% accreditation for all programs.